http://en.wikipedia.org/wiki/Sleep_deprivation#Counteracting...
After chronic partial sleep restriction, the recovery process of cognitive functioning seems to take longer than after acute total SD. Performance in the PVT was not restored after one 10 h recovery night, but approached the baseline level after two 10 h nights in a study with seven consecutive sleep restriction nights with 5 h sleep/night (Dinges et al 1997). Using the same test, three 8 h recovery nights were not enough to restore performance after one week of sleep restriction
I haven't seen much research that suggests you can pay off sleep debt in large chunks so putting the debt in hours doesn't make a lot of sense to me. Sleeping 4 hours tonight and then 12 tomorrow night is not equivalent to sleeping 8 tonight and 8 tomorrow